Our findings dovetail nicely with the existing literature, which has mostly focused on possible macroeconomic effects of capital controls— on the aggregate volume of flows, the exchange rate, and monetary policy autonomy. By and large, evidence on this is mixed. The survey andmeta-analysis of Magud et al. (2006) points to capital controls having only limited effectiveness in altering the overall volume of capital inflows (and hence the level of the exchange rate). Consistent with our findings, evidence that capital controls may affect the composition of capital flows is stronger, with at least some studies finding that capital controls have managed to lengthen the maturity of inflows.